International Financing Program Supporting Iraq

The International Monetary Fund Managing Director, Kristalina Georgieva, announced that Iraq officially requested a new financing program from the Washington-based institution, confirming the Fund's intention to back Baghdad. Speaking at the conclusion of the IMF annual meetings in Bangkok, Georgieva stated that the Fund will deliver financial backing alongside economic policy assistance to Iraq. She emphasized a strong commitment to supporting Iraqi authorities, without disclosing specific program details or the exact financing volume to be provided. Informal exploratory discussions between Iraqi officials, the IMF, and the World Bank concerning potential aid were initiated around the spring meetings held in April. These developments occur as Iraq suffers from the repercussions of the Iran war, notably severe losses in crude export earnings caused by the near-total shutdown of the Strait of Hormuz. Foreign Minister Fuad Hussein previously highlighted that the country incurred approximately 60 billion dollars in losses following the outbreak of the regional conflict, driven by maritime disruptions and plunging oil revenues.